BNCW September Report

September report.

Our purpose.

To create a place where we can facilitate our people’s growth.

Our values.

Family.

Mutuality.

Realising potential.

Our colleagues are our broader family, assist when needed and when in need.

Respect our colleagues and our clients as you would like to be respected.

Unlock your full potential, encourage and support your colleagues.

Embrace change.

Health and energy.

Strive for excellence; be open minded and willing to embrace change.

Work towards being well balanced within yourself.

September report.

From our corporate director.

Dean O’Brien

Home values increased by $1990 per week over last 12 months.

News for 2021 where real information is on the house.

estate

The annual increase in national dwelling values has equated to approximately $103,400 per dwelling over the last 12 months or $1990 per week.

Hence why the big news out this week came from Josh Frydenberg with the federal treasurer confirming that curbs to slow mortgage lending are on the cards.

The main culprit for the lending restrictions is the debt-to-income (DTI) of new ratio. Almost a quarter mortgages within Australia now have debt that outweighs their income by more than six times, which is up from 16% a year ago.

Josh Frydenberg also came out this week and stated that Covid Disaster Payments are to come to an end when vaccination rates hit 80%.

The income support for people who have lost work during lockdown will officially end in Victoria up to 2 weeks post the 80% vaccination rate.

Consumer Confidence rose again this week as measured by Roy Morgan and ANZ to a 9 week high.Recent data suggesting investors are coming back into the real estate market will be buoyed by the biggest dividend payout underway on the ASX. Investors will reap $1.5 billion dollars and its likely they will use some of that money to invest into a rising real estate market.

The REIV announced this week it’s award finalists for the Victorian Real Estate Industry and we are proud to say that OBrien Real Estate has been shortlisted for 6 categories across 24 categories for the residential division.

All awards winners will be announced in late October via a virtual event and we’ll be crossing our fingers and toes.

We sell more.

A snapshot of last months sales.

Average sale price.

$801,701

Sale price.

High.

Number of suburbs sold in.

Low.

$1.9M

$340K

26

Address

Suburb

39 Tamar Street

Bayswater

5

2

4

$958,000

40 Innes Court

Berwick

3

2

2

$600,000

80 Earlsfield Drive

Berwick

4

2

2

$865,000

11 Normanton Place

Berwick

5

3

2

$1,100,000

31 Bethany Lane

Berwick

4

3

2

$1,038,000

14 Eglinton Close

Berwick

3

2

2

$745,000

11 Alberta Way

Berwick

4

2

2

$740,000

87A Brisbane Street

Berwick

4

2

2

$1,330,000

46 Mitre Crescent

Berwick

3

2

2

$815,000

8 Ros Way

Berwick

5

2

2

$1,320,000

72 Daffodil Road

Boronia

4

2

2

$941,000

2/54 Pine Crescent

Boronia

2

1

1

$655,000

21 Hillside Avenue

Boronia

3

1

2

$890,000

105/198B Dorset Road

Boronia

1

1

1

$340,000

21-23 Long Street

Botanic Ridge

5

6

6

$1,500,000

4 Carissa Drive

Botanic Ridge

4

2

2

$870,000

Sale Price

We sell more.

Address

Sale Price

Suburb

28 Knowland Grove

Botanic Ridge

4

2

2

$902,222

62 Maintop Ridge

Botanic Ridge

4

2

2

$1,000,000

39 Cottle Drive

Clyde

3

2

1

$540,000

3 Roskopp Avenue

Clyde North

3

2

2

$616,328

2 Majorca Drive

Clyde North

4

2

2

$691,000

24 Portrait Place

Clyde North

3

2

1

$540,000

16 Roma Avenue

Cranbourne

4

2

4

$640,000

14 Campbell Parade

Cranbourne

3

1

2

$600,000

11 Dartmoor Drive

Cranbourne East

4

2

2

$655,000

16 Yellow Robin Circuit

Cranbourne East

3

2

1

$600,000

10 Wesson Way

Cranbourne East

5

2

3

$850,000

8 Nelse Street

Cranbourne North

3

2

2

$600,000

5 Woodstock Drive

Cranbourne North

4

2

2

$725,500

70 Rossiter Retreat

Cranbourne North

4

3

2

$905,000

267 Pearcedale Road

Cranbourne South

5

0

0

$1,850,000

7/8 Leonard Street

Dandenong

2

2

1

$530,000

23/96 Botanical Grove

Doveton

2

2

1

$495,000

3/30 Young Street

Drouin

2

1

1

$361,000

3/3 Clematis Avenue

Ferntree Gully

2

1

1

$569,000

2 Redwood Court

Junction Village

3

1

4

$620,000

We sell more.

Address

Suburb

Sale Price

26 Dwyer Court

Koo Wee Rup

4

2

6

$845,000

1/27 Henry Street

Koo Wee Rup

2

1

2

$477,000

46 May Gibbs Crescent

Lynbrook

4

2

2

$750,000

41 Parkside Boulevard

Lysterfield South

5

2

2

$1,900,000

16 Sweet Gum Avenue

Narre Warren

3

1

2

$640,000

23 Montbrae Circuit

Narre Warren North

18 Culcairn Court

Narre Warren South

3

2

1

$605,000

13 Shay Close

Narre Warren South

3

2

2

$820,000

23 Haydn Place

Narre Warren South

4

2

2

$712,700

10 Champagne Grove

Narre Warren South

4

2

2

$885,000

202 Ormond Road

Narre Warren South

3

2

2

$710,000

1 Rush Lily Drive

Officer

4

2

2

$752,000

9 Fairweather Parade

Officer

3

2

2

$550,000

6 Britton Drive

Pakenham

3

2

2

$762,800

9 Lauren Square

Pakenham

3

1

2

$510,000

1 Ingrid Street

Scoresby

3

1

3

$918,000

8 Kenross Court

Wantirna

4

2

2

$1,011,000

20/105 Mountain Highway

Wantirna

2

1

1

$580,000

83 Mowbray Drive

Wantirna South

3

2

2

$1,156,000

1/9 Arthur Street

Wantirna South

3

1

1

$793,700

Land

$520,000

We lease more.

A snapshot of last months leases.

Average weekly rent.

$449 Address

Average monthly rent.

$1,951

Rental price p/w.

High

Number of suburbs leased in.

Low

$1,200 $350

Suburb

23

Leased price p/w

Leased price p/m

22 Copper Beech Road

Beaconsfield

4

2

2

$450

$1,955

10B Lileura Ave

Beaumaris

4

2

1

$1,200

$5,214

1 Hartville Place

Berwick

4

2

2

$480

$2,086

14 Riviera Drive

Berwick

4

2

2

$480

$2,086

17 Bangalay Place

Berwick

3

2

2

$430

$1,868

20 Warrawong Drive

Berwick

3

2

1

$430

$1,868

27 Jarryd Crescent

Berwick

4

2

2

$490

$2,129

452 Centre Road

Berwick

3

2

1

$360

$1,564

6 Astrid Ct

Berwick

5

3

2

$750

$3,259

6 Chin Ct

Berwick

3

2

2

$400

$1,738

9/6-8 Innes Court

Berwick

4

2

2

$440

$1,912

99 Golf Links Road

Berwick

3

2

2

$450

$1,955

46 Pine Crescent

Boronia

4

1

1

$480

$2,086

We lease more.

Address

Leased price Leased price p/w p/m

Suburb

106/1 Oak Avenue

Boronia

1

1

1

430

$1,868

11 Applejack Boulevard

Clyde

4

2

2

$500

$2,173

13 Ippudo Way

Clyde North

4

2

2

$475

$2,064

11 Raeburn Drive

Clyde North

4

2

2

$430

$1,868

23 Moorings Place

Corinella

4

2

2

$450

$1,955

20 Perry Cct

Cranbourne

3

2

2

$450

$1,955

232 Casey Fields Blvd

Cranbourne

4

2

2

$440

$1,912

42 Thomas Cres

Cranbourne

3

1

2

$390

$1,695

18 Tucker St

Cranbourne

2

1

1

$350

$1,520

3 Torney St

Cranbourne East

4

2

2

$420

$1,825

33 Rannoch Street

Cranbourne East

4

2

2

$430

$1,868

116 Courtenay Ave

Cranbourne North

3

2

2

$420

$1,825

6 Phillip Court

Cranbourne North

3

1

1

$365

$1,586

7 Iris Close

Cranbourne North

3

2

2

$450

$1,955

2 Bamboo Court

Cranbourne North

3

2

2

$370

$1,608

29 Statham View

Cranbourne West

4

2

2

$480

$2,086

47 George Frederick Rd

Cranbourne West

4

2

2

$480

$2,086

We lease more.

Address

Leased price Leased price p/w p/m

Suburb

3/37 Hammond Road

Dandenong

3

2

1

$350

$1,521

1 Cove Court

Endeavour Hills

4

2

2

$460

$1,999

6 James Cook Drive

Endeavour Hills

4

2

2

$460

$1,999

1 Petter Street

Glen Waverley

3

1

1

$420

$1,825

80 Nettle Drive

Hallam

3

1

1

$370

$1,608

2/23 Bride Avenue

Hampton Park

2

1

2

$355

$1,543

73 Edeys Run

Hampton Park

3

2

2

$380

$1,651

105 Pound Rd

Hampton Park

3

1

2

$390

$1,695

1 Farmillo Court

Lysterfield

4

1

2

$500

$2,173

1 Lucerne Court

Narre Warren

3

1

2

$435

$1,890

11 Edmonds Street

Narre Warren

4

2

2

$500

$2,173

18 Lantana Drive

Narre Warren

3

2

2

$380

$1,651

2/9 Azalea Ct

Narre Warren

2

1

2

$370

$1,608

3 Farmers Way

Narre Warren

3

1

2

$360

$1,564

3 Bolton Grove

Officer

3

2

2

$390

$1,695

6/1 Village Way

Pakenham

3

1

1

$365

$1,586

25 Farview Dr

Rowville

3

2

2

$450

$1,955

4/40 Collins Street

Mentone

2

1

1

$530

$2,303

PropTrack Property Market Outlook – September 2021 Despite ongoing lockdowns suppressing market activity in some states, demand to buy property remains at close to record levels.

Prices continued to climb in every state and territory over August as buyer demand continued to outpace the supply of new listings. Those properties that are listed are seeing record views, and increased competition which means buyers are moving fast in order to be successful.

Investors are responsible for a growing proportion of this demand, whereas first home buyers are continuing to wind back. According to the latest ABS data, the value of new loans to investors rose for the ninth consecutive quarter in July. New investor loans are now 121% higher than their lowest point in June last year. In contrast, new loans to first home buyers fell by almost 8% in both June and July.

Many regional markets are continuing to outperform their capital city counterparts for price growth, supported by Anne Flaherty

record levels of migration from metro areas into the regions. Recent demand indicators show that growth in views per listing has been stronger in the regions than the cities, and the fall in time taken to sell has been greater.

As we head into spring, market conditions will be heavily influenced by the presence of COVID-19 restrictions. While sales activity is likely to be suppressed in Victoria and New South Wales until restrictions ease, those states unencumbered by lockdowns are likely to see sales volumes rise.

While sales volumes remain below the April peak, they are well above the levels typically seen at this time of year. Year-to-date, sales volumes are 50.7% higher compared to the same period a year ago, and 63.6% higher compared to 2019.

This is a remarkable result given lockdown measures restricting physical inspections have been in place for over two months in Australia’s two most populous states, Victoria and New South Wales.

It’s likely many would-be vendors are delaying bringing their properties to market, particularly in Victoria where physical inspections are banned. However, once vaccine thresholds are met and these restrictions can be eased, we are likely to see sales volumes lift.

The Victorian government announced that once 70% of Victorians have had at least one dose of the COVID-19 vaccine, private inspections of unoccupied premises for a new purchase or end of lease will be permitted, but only one household may attend at a time, with the agent staying outdoors during the inspection.

Victoria Victoria is another state in which the regional property market has outperformed the capital city. Price growth in regional Victoria have morethan doubled that of Greater Melbourne over the past 12 months.

Sales volumes Weekly preliminary sales volumes have been trending down since July in Victoria. Due to the ban on in-person inspections, the number of new ‘for sale’ listings being brought to market has fallen, which is driving down sales volumes. The high level of sales activity seen prior to the latest lockdown, however, means that year-to-date, volumes are 59.9% above last year’s levels, and 62.7% above 2019’s. Sales volumes are likely to remain suppressed over the coming months, with a 27.1% fall in the number of new ‘for sale’ listings coming to market in Greater Melbourne over August.

Days on site The median time taken to sell a property in Victoria increased to 38 days in August, up from 33 in July. It is likely that the ban on physical inspections has led some vendors to extending the length of their selling campaigns. The state’s fastest selling regions are the Mornington Peninsula and the Outer East.

Views per listing The growing desire for properties in regional areas can be seen in Victoria’s latest viewing figures.

Between July and August, views per ‘for sale’ listing increased by 10% in regional Victoria, compared to a decline of 10% in Greater Melbourne. Across the state, views per listing averaged 1,922 in August, up 55% from 12 months ago, though 6.7% lower than July.

What you need to know about buying a property at online auction Online auctions are now the new normal in the Australian property market. The shift to virtual selling, video inspections and online buying started back in March when Prime Minister, Scott Morrison axed all real estate auctions and open for inspections in an attempt to curb the spread of the coronavirus.

Online auctions today are streamlined, user-friendly, and highly interactive. In many cases, online auction platforms can perform all the transactions involved in the buying and selling process, including signing the contract and paying the deposit.

Auctions are highly competitive environments, whether in-person or online. But they can be extremely rewarding and are one of the most exciting ways to purchase a property. If you are a first home buyer planning to buy through an online auction, here are some tips that’ll help you secure your dream home.

1. Do your research.

Do your research first before you participate in an online auction. Ask your real estate agent to provide you with a list of recent comparable sales in the area and look at sold data. In your research look at the auction clearance rate (the proportion of successful auctions in that area). Knowing the clearance rate and how much similar properties in the area have sold for at auction gives you a useful guide on the amount you should offer for the property. That way, you reduce the risk of overbidding on auction day.

2. Prepare your money.

Just like an in-person auction, as soon as the hammer goes down, you are legally required to fulfil the purchase if you have the highest bid in an online auction.

Consider applying for a loan pre-approval. A pre-approval is an indication from the lender to honour your loan application subject to terms and conditions.

3. Understand the online auction process.

Online auctions today are sophisticated, user-friendly, and highly immersive platforms. You can browse property listings, follow your favourites, and send reminders to yourself about auction dates. Online auctions give you the freedom and convenience to watch or participate in an auction in the comfort of your home via a digital device. If your bid is successful, you can sign the contract digitally and pay the deposit directly to the Trust Account of the listing agent.

Registration All participants of an online auction must complete a simple registration process. The listing agent approves the registration. During the registration process, you will have to provide proof of identity and your contact details.

Once you have registered, you will be sent a link to the live stream. You can access the auction via any digital device whether it’s a smartphone, a tablet, laptop or desktop PC. Transaction Some platforms have fully online contracts you can digitally complete and sign at the end of the sale. If this function is not available, the listing agent will contact you directly.

Security Online auction platforms today are transparent and legally compliant. Bidders have to complete a rigorous but straightforward registration process that includes identity verification and a fraud check. The platforms are encrypted and firewall-protected.

Trial run To gain some experience in auctions, consider registering yourself as a spectator. The registration process is similar to registering as a bidder. This will ensure you’re comfortable with the technology before you want to place a bid and you know what to expect.

4. Inspect the property.

Don’t just bid on a property you have seen online. Make an appointment with the real estate agent to view the property privately or virtually before you commit.

When viewing a property, consider having a checklist of things to inspect. Our guide ‘The seven most important things every first home buyer must pay attention to’ lists the things that even seasoned buyers can miss out when inspecting a property.

Melbourne home buyers please note: Currently, one-toone inspections are not permitted under strict stage four restrictions in metropolitan Melbourne. However, private inspections will resume as soon as these restrictions are eased.

5. Do your due diligence.

Make sure you know what you are buying before you bid on a property. Building and pest inspections can protect your interests and prevent you from making a costly mistake.

Also, request a copy of the sale contract and section 32, and it is advisable to have your conveyancer read through the document thoroughly before you commit to any purchase.

6. Seek professional help.

Buying a property can be overwhelming. Finding the right property to buy may require the help of a professional real estate agent.

The agent can do the initial groundwork of narrowing down the suitable properties for you.

They can also help you plan a strategy as well as provide valuable advice and guidance on the online auction process.

7. Formulate a strategy.

To succeed in an online auction, you will need a bidding strategy. Here are some winning tips from the experts:Do not become emotional during an auction. Put your bid in as soon as you are notified that another bfd id has been placed but stay focused and do not exceed your price limit – no matter what happens – to avoid overextending yourself.

Acquiring your dream home today through online auctions is becoming more and more prevalent. For the most part, the Australian property market has remained stable despite the economic disruptions caused by COVID-19. There are plenty of good properties on the market, and one of these could be the dream home you are looking for.

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